MelonFarm cares about the value of our community and what we are building is what our community wants and supports.

The story of Beanstalk

Back in late 2021, the born of a mystery Beanstalk project that has a novel mechanism to bring the credit-based US Dollar on-chain. Beanstalk is an algorithm stablecoin protocol that maintains Bean stablecoin supply and price based on a credit-based mechanism. At that time, it had no attention yet, because the DeFi ecosystem has so many other popular algorithm stablecoin projects.

In early 2022, Beanstalk advances to a new chapter with many challenges. The collapse of many algorithm stablecoin projects - especially Luna UST made users lose trust in algorithm stablecoin. But, Beanstalk has survived, even risen stronger, and increased its value to hundreds of millions in USD. The good thing about Beanstalk is the Bean stablecoin price has never lost its peg more than 10% of $1. Beanstalk has proved that its credit mechanism has worked in the ideal of a stablecoin system.

But, in April 2022, Beanstalk was hacked by its governance mechanism, and all users' funds were gone "forever we think". We are also suffering from that hack, that was a sad moment for all of us. In the dark time, we still have hopes, and the community and users are still trusting the Beanstalk idea and mechanism. Beanstalk has attracted $30m of funds from the community to rebuild the Farm.

Lost of community trust

The Beanstalk community is one of the best communities we have ever participated in. They are nice people, understand the protocol, have a passion for contributing, and hope for a successful DeFi project.

However, people at Beanstalk - developers who maintain, develop, and build directions for Beanstalk had poor decisions and operations.

Beanstalk developers maintain a mechanism called "Development Budget" that allows the protocol to mint millions of Bean to pay developers despite no new Bean tokens minted for Silo depositors or to repay protocol debts. It's nothing when devs put their benefits out of the community.

MelonFarm was built differently

MelonFarm has a different approach compared with Beanstalk. We at MelonFarm put your benefits alongside community benefits, this is our core value and can not be changed. We will be responsible for developing smart contracts, and UI/UX web applications, also taking care of marketing kinds of stuff. We will receive the amount of 10% share of the Melon supply, and the rest of 90% will go to the community.

Our smart contracts were designed to be immutable and these logics can not be changed in any way, by anyone. There will be no Melon ever will be mint for anyone outside of these MelonFarm logics. Once MelonFarm goes live, it will go alongside the community forever.

Our Vision

We believe that DeFi has the potential to grow larger in the future. To have a good position in the future, MelonFarm must be expanded and adopted from the external DeFi applications and ecosystems. We do:

• Build additional products and utility systems for Melons.
• Expand use cases and partnerships for Melons.
• Build cross-chain, and deep liquidity ecosystem for Melons.

MelonFarm is in the very first step of the journey, we are working hard to make it happen in what we believe. If you want to work with us, please join our contributor program, we always welcome your contribution.